Orlando Office Figures - Q1 2026

The office market remained structurally soft but showed tentative improvement in Q1 2026. From 2023 through 2025, the market posted a cumulative 909,000 sq. ft. of negative net absorption and vacancy climbed from 14.1% in Q1 2023 to 17.5% by Q4 2025, even as new construction largely paused. Against that backdrop, Q1 2026 registered 152,000 sq. ft. of positive absorption, reversing a 118,000 sq. ft. loss in Q4 2025 and pulling vacancy down 0.6 percentage points to 16.9%. Availability held steady at 20.0%, indicating that the improvement came from occupied space rather than a shrinking options set.

Pricing continued to firm alongside declining vacancy. Average asking rents in Q1 2026 rose 0.5% quarter-over-quarter and 3.1% year-over-year to $28.55 per sq. ft., extending an upward trend from early 2024. The construction pipeline remained modest, with just 40,000 sq. ft. underway and 30,000 sq. ft. delivered in the quarter, following virtually no deliveries in 2024 and 2025. Overall, Q1 2026 marked a shift toward healthier demand while underscoring that the market was still working through the excess space accumulated over the prior three years.